ANNALY CAPITAL MANAGEMENT INC

NLY 10-K · FY 2025
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NLY FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
General & Administrative 199,629 171,356 +16.5%
Show Business Segments breakouts
Agency · Operating Segments 69,862 63,854 +9.4%
MSR · Operating Segments 37,545 34,670 +8.3%
Residential Credit · Operating Segments 65,241 53,408 +22.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 27.8 20.3 +36.9%
Show Consolidation Items breakouts
Corporate & Other 26,981 19,424 +38.9%
Non-Operating Income (Expense) 589,630 514,651 +14.6%
Show Business Segments breakouts
Agency · Operating Segments 677,429 381,691 +77.5%
MSR · Operating Segments -101,581 -19,330 -425.5%
Residential Credit · Operating Segments 11,516 147,449 -92.2%
Show Consolidation Items breakouts
Corporate & Other 2,266 4,841 -53.2%
Other Non-Operating Income (Expense) 51,121 94,935 -46.2%
Income Before Taxes 2,044,820 1,027,028 +99.1%
Show Business Segments breakouts
Agency · Operating Segments 1,362,435 289,954 +369.9%
MSR · Operating Segments 380,193 381,937 -0.5%
Residential Credit · Operating Segments 326,554 366,337 -10.9%
Show Consolidation Items breakouts
Corporate & Other -24,362 -11,200 -117.5%
Income Tax Expense (Benefit) -6,870 15,260 -145.0%
Show Business Segments breakouts
Agency · Operating Segments 494 2,026 -75.6%
MSR · Operating Segments 18,423 29,108 -36.7%
Residential Credit · Operating Segments -27,396 -15,705 -74.4%
Show Legal Entity breakouts
Taxable REIT Subsidiary -6.9 15.3 -145.1%
Show Consolidation Items breakouts
Corporate & Other 1,609 -169 +1052.1%
Net Income 2,027,262 1,001,906 +102.3%
Show Business Segments breakouts
Agency · Operating Segments 1,361,941 287,928 +373.0%
MSR · Operating Segments 361,770 352,829 +2.5%
Residential Credit · Operating Segments 329,522 372,180 -11.5%
Show Financial Instrument breakouts
Residential Mortgage 2,426,838 1,256,847 +93.1%
Show Equity Components breakouts
Retained Earnings 2,027,262 1,001,906 +102.3%
Show Consolidation Items breakouts
Corporate & Other -25,971 -11,031 -135.4%
Comprehensive Income 2,556,378 1,319,624 +93.7%
Show Business Segments breakouts
Agency · Operating Segments 1,891,057 605,646 +212.2%
MSR · Operating Segments 361,770 352,829 +2.5%
Residential Credit · Operating Segments 329,522 372,180 -11.5%
Show Consolidation Items breakouts
Corporate & Other -25,971 -11,031 -135.4%
EPS (Basic) 2.92 1.62 +80.2%
EPS (Diluted) 2.92 1.62 +80.2%
Wtd Avg Shares (Basic) 639,513,399 521,737,554 +22.6%
Wtd Avg Shares (Diluted) 641,042,741 522,747,610 +22.6%
Interest Expense Operating 4,823,705 4,592,238 +5.0%
Labor And Related Expense 151,552 130,403 +16.2%
Net Income Loss Attributable To Noncontrolling Interest 24,428 9,862 +147.7%
Show Business Segments breakouts
Residential Credit · Operating Segments 24,428 9,862 +147.7%
Show Equity Components breakouts
Noncontrolling Interest -24,428 -9,862 -147.7%
Interest Income Expense Net 1,135,500 247,796 +358.2%
Show Business Segments breakouts
Agency · Operating Segments 754,868 -27,883 +2807.3%
Residential Credit · Operating Segments 380,279 272,296 +39.7%
Show Financial Instrument breakouts
Residential Mortgage 1,950,070 1,282,941 +52.0%
Show Consolidation Items breakouts
Corporate & Other 353 3,383 -89.6%
Interest Income Operating 5,959,205 4,840,034 +23.1%
Show Business Segments breakouts
Agency · Operating Segments 3,860,554 3,340,101 +15.6%
Residential Credit · Operating Segments 2,097,433 1,490,076 +40.8%
Show Consolidation Items breakouts
Corporate & Other 1,218 9,857 -87.6%
Net Income Loss Available To Common Stockholders Basic 1,869,331 847,355 +120.6%
Show Business Segments breakouts
Agency · Operating Segments 1,361,941 287,928 +373.0%
MSR · Operating Segments 361,770 352,829 +2.5%
Residential Credit · Operating Segments 329,522 372,180 -11.5%
Show Consolidation Items breakouts
Corporate & Other -183,902 -165,582 -11.1%
Gain Loss On Investments 1,745,670 -1,849,585 +194.4%
Show Financial Instrument breakouts
Agency Securities 2.1 -1.1 +290.9%
OBX 2022-NQM8, OBX 2019-EXP1, and OBX 2022-NQM9 -0.4 — —
Interest Expense 4,823,705 4,592,238 +5.0%
Show Business Segments breakouts
Agency · Operating Segments 3,105,686 3,367,984 -7.8%
Residential Credit · Operating Segments 1,717,154 1,217,780 +41.0%
Show Consolidation Items breakouts
Corporate & Other 865 6,474 -86.6%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents (Q) — — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 4.1 2.8 +46.4%
Non-Current Assets
Total Assets 135,609,838 103,556,384 +31.0%
Show Business Segments breakouts
Agency · Operating Segments 91,816,874 71,834,543 +27.8%
MSR · Operating Segments 4,388,619 3,406,686 +28.8%
Residential Credit · Operating Segments 39,310,418 28,137,561 +39.7%
Show Financial Instrument breakouts
Agency mortgage-backed securities, recognized through earnings 83,166,542 59,199,157 +40.5%
Agency mortgage-backed securities, recognized through other comprehensive income 6,462,112 8,234,911 -21.5%
CRTs 213,800 754,915 -71.7%
Interest in net servicing cash flows 28,626 — —
Non-agency mortgage-backed securities 1,445,176 1,493,186 -3.2%
Residential Mortgage 5 3.5 +42.9%
Residential mortgage loans 32,067,433 21,973,188 +45.9%
Residential mortgage loans 5,020,784 3,546,902 +41.6%
Reverse repurchase agreements 34,389 — —
Total securities 91,287,630 69,756,447 +30.9%
Show Consolidation Items breakouts
Corporate & Other 93,927 177,594 -47.1%
Operating Lease Right-of-Use Assets 26,509 — —
Other Assets
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,037,838 1,488,027 +36.9%
Debt Securities Available For Sale Excluding Accrued Interest 91,287,630 69,756,447 +30.9%
Show Financial Instrument breakouts
Adjustable-rate pass-through · Agency Securities 119,052 162,238 -26.6%
Agency Securities 89,628,654 67,434,068 +32.9%
Collateralized Mortgage Obligations · Agency Securities 2,640 73,684 -96.4%
Credit risk transfer · Residential credit 213,800 754,915 -71.7%
Fixed-rate pass-through · Agency Securities 81,981,650 63,049,674 +30.0%
Interest-only · Agency Securities 614,068 380,732 +61.3%
Multifamily · Agency Securities 6,911,244 3,741,765 +84.7%
Non-QM · Residential credit 336,152 164,892 +103.9%
NPL/RPL · Residential credit 447,817 682,440 -34.4%
Prime jumbo(>=2010 vintage) · Residential credit 177,328 158,313 +12.0%
Prime · Residential credit 114,275 102,117 +11.9%
Residential Mortgage Backed Securities 1,658,976 2,248,101 -26.2%
RTL · Residential credit 192,626 151,852 +26.9%
SBC · Residential credit 176,978 233,572 -24.2%
Show Pledged Status breakouts
Asset Pledged As Collateral 82,809,634 67,692,062 +22.3%
Show Underlying Asset Class breakouts
Agency Securities 89,628,654 67,434,068 +32.9%
Residential credit 1,658,976 2,248,101 -26.2%
Total residential securities 91,287,630 69,682,169 +31.0%
Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss 5,020,784 3,546,902 +41.6%
Show Pledged Status breakouts
Asset Pledged As Collateral 4,590,517 2,754,028 +66.7%
Servicing Asset 3,645,865 2,909,134 +25.3%
Show Pledged Status breakouts
Asset Pledged As Collateral 3,541,414 2,460,252 +43.9%
Interest In Mortgage Servicing Rights 28,626 — —
Transfers Of Financial Assets Accounted For As Sale Initial Fair Value Of Assets Obtained As Proceeds 32,067,433 21,973,188 +45.9%
Derivative Assets 115,533 225,351 -48.7%
Show Financial Instrument breakouts
Future 71,065 190,980 -62.8%
Loan Purchase Commitments 8,385 4,510 +85.9%
Show Derivative Risk breakouts
Future 71,065 190,980 -62.8%
Interest Rate Swap 7,372 21,226 -65.3%
Interest Rate Swaption 11,063 — —
Loan Purchase Commitments 8,385 4,510 +85.9%
TBA derivatives 17,648 8,635 +104.4%
Reverse Repurchase Agreements 34,389 — —
Receivable For Investment Securities Sold 1,031 2,201,447 -100.0%
Show Business Segments breakouts
Agency · Operating Segments 846 2,142,357 -100.0%
MSR · Operating Segments 185 59,090 -99.7%
Financing And Accrued Investment Income Receivable 926,660 1,069,038 -13.3%
Intangible Assets Net Excluding Goodwill 6,726 9,416 -28.6%
Other Assets 437,323 377,434 +15.9%
Non-Current Liabilities
Interest Payable Current And Noncurrent 380,688 268,317 +41.9%
Dividends Payable Current And Noncurrent 494,881 375,932 +31.6%
Show Consolidation Items breakouts
Corporate & Other 494,881 375,932 +31.6%
Total Liabilities 119,449,927 90,859,432 +31.5%
Show Financial Instrument breakouts
Debt issued by securitization vehicles 28,918,753 19,540,678 +48.0%
Other Debt Securities 1,075,000 750,000 +43.3%
Participating Mortgages 1,932,655 1,154,816 +67.4%
Repurchase Agreements 81,865,723 65,688,923 +24.6%
Securities Sold Not Yet Purchased 2,396,724 2,470,629 -3.0%
Other Liabilities
Security Sold Under Agreement To Repurchase After Offset Subject To Master Netting Arrangement 81,865,723 65,688,923 +24.6%
Other Secured Financings 1,075,000 750,000 +43.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Carrying Reported Amount Fair Value Disclosure 1,075,000 750,000 +43.3%
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 1,075,000 750,000 +43.3%
Securitized Debt Of Consolidated Vie 28,918,753 19,540,678 +48.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 28.7 19.5 +47.2%
Participating Mortgage Loans Participation Liabilities Amount 1,932,655 1,154,816 +67.4%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 1,932,655 1,154,816 +67.4%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 1.9 1.2 +58.3%
Financial Instruments Sold Not Yet Purchased At Fair Value 2,396,724 2,470,629 -3.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 2,396,724 2,470,629 -3.0%
Derivative Liabilities 53,755 59,586 -9.8%
Show Financial Instrument breakouts
Future 6,644 16,650 -60.1%
Loan Purchase Commitments 5,632 5,185 +8.6%
Show Derivative Risk breakouts
Future 6,644 16,650 -60.1%
Interest Rate Swap 16,385 7,212 +127.2%
Interest Rate Swaption 11,931 — —
Loan Purchase Commitments 5,632 5,185 +8.6%
TBA derivatives 13,163 30,539 -56.9%
Payable For Investment Securities Purchased 2,059,386 308,282 +568.0%
Show Business Segments breakouts
Agency · Operating Segments 1,938,963 280,515 +591.2%
MSR · Operating Segments 120,423 27,767 +333.7%
Accounts Payable And Other Accrued Liabilities 272,362 242,269 +12.4%
Minority Interest 69,139 87,711 -21.2%
Stockholders' Equity
Preferred Stock Value 1,802,480 1,536,569 +17.3%
Show Statement Class Of Stock breakouts
Series F Preferred Stock 696,910 696,910 0.0%
Series F, G, And I Preferred Stock 1,536,569 1,536,569 0.0%
Series G Preferred Stock 411,335 411,335 0.0%
Series I 428,324 428,324 0.0%
Series J 265,911 — —
Common Stock 7,070 5,784 +22.2%
Additional Paid-In Capital 27,927,113 25,257,716 +10.6%
Accumulated Other Comprehensive Income -488,566 -1,017,682 +52.0%
Total Stockholders' Equity 16,090,772 12,609,241 +27.6%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 16,159,911 12,696,952 +27.3%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -488,566 -1,017,682 +52.0%
Additional Paid In Capital 27,927,113 25,257,716 +10.6%
Common Stock 7,070 5,784 +22.2%
Noncontrolling Interest 69,139 87,711 -21.2%
Parent 16,090,772 12,609,241 +27.6%
Preferred Stock 1,802,480 1,536,569 +17.3%
Retained Earnings -13,157,325 -13,173,146 +0.1%
Retained Earnings -13,157,325 -13,173,146 +0.1%
Total Liabilities & Equity 135,609,838 103,556,384 +31.0%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Net Income 2,051,690 1,011,768 +102.8%
Show Business Segments breakouts
Agency · Operating Segments 1,361,941 287,928 +373.0%
MSR · Operating Segments 361,770 352,829 +2.5%
Residential Credit · Operating Segments 353,950 382,042 -7.4%
Show Consolidation Items breakouts
Corporate & Other -25,971 -11,031 -135.4%
Accretion Amortization Of Discounts And Premiums Investments 246,644 113,040 +118.2%
Amortization Of Securitized Debt Premiums And Discounts Net -35,246 3,579 -1084.8%
Depreciation Depletion And Amortization Excluding Amortization Of Debt Premiums And Discounts Deferred Financing Costs And Discounts Of Investments 34,036 30,356 +12.1%
Gain Loss On Investments Debt And Derivatives 177,971 783,191 -77.3%
Income Loss From Equity Method Investments 12,953 -5,790 +323.7%
Payments For Purchase Of Loans Operating Activities -262,294 -58,306 -349.9%
Proceeds From Sale Of Loans Held For Sale 235,102 48,951 +380.3%
Proceeds From U S Treasury Securities 7,268,860 8,613,104 -15.6%
Payments On U S Treasury Securities -7,439,550 -8,156,998 +8.8%
Payments For Proceeds From Derivative Instrument Operating Activities -1,822,026 779,334 -333.8%
Change in Prepaid & Other Assets -31,637 -61,883 +48.9%
Increase Decrease In Interest And Dividends Receivable 138,326 154,651 -10.6%
Increase Decrease In Interest Payable Net 112,371 -19,620 +672.7%
Increase Decrease In Accounts Payable And Accrued Liabilities 5,711 75,282 -92.4%
Net Cash from Operations 692,911 3,310,659 -79.1%
Deferred Income Taxes -6,914 14,249 -148.5%
Investing Activities
Purchases of Investments -40,746,554 -32,213,640 -26.5%
Proceeds From Sale Of Available For Sale Securities Debt 17,171,775 21,106,379 -18.6%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 8,342,418 6,834,322 +22.1%
Payments To Acquire Finance Receivables -18,647,865 -13,239,286 -40.9%
Proceeds From Sale Of Held To Maturity Securities 1,349,790 686,062 +96.7%
Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities 6,108,625 2,612,778 +133.8%
Payments To Acquire Mortgage Servicing Rights M S R -882,834 -863,117 -2.3%
Proceeds From Sale Of Mortgage Servicing Rights M S R 1,871 66,269 -97.2%
Payments To Acquire Interest In Mortgage Servicing Rights -32,240 — —
Proceeds From Securities Purchased Under Agreements To Resell 636,212,211 609,316,231 +4.4%
Payments For Securities Purchased Under Agreements To Resell -636,246,600 -609,316,231 -4.4%
Proceeds From Unconsolidated Joint Venture Excess Of Cumulative Earnings 6,669 25,403 -73.7%
Net Cash from Investing -27,362,734 -14,984,830 -82.6%
Net Change In Unrealized Gain Loss On Availableforsale Securities And Interest Rate Swaps Net Of Reclassification Adjustment 529,116 317,718 +66.5%
Show Business Segments breakouts
Agency · Operating Segments 529,116 317,718 +66.5%
Financing Activities
Proceeds From Repurchase Agreements 7,237,347,672 6,004,596,943 +20.5%
Principal Payments On Repurchase Agreements -7,220,845,591 -6,000,859,559 -20.3%
Proceeds From Issuance Of Secured Debt 14,589,254 10,330,083 +41.2%
Repayments Of Secured Debt -5,068,806 -2,394,166 -111.7%
Payments From Relief Of Securitized Debt -485,604 — —
Payments Of Financing Costs -13,893 -4,259 -226.2%
Proceeds From Participating Mortgage Loans 7,804,644 4,135,190 +88.7%
Payments On Repurchase Of Participating Mortgage Loans -6,990,309 -4,055,490 -72.4%
Principal Payments On Participation Mortgage Loans Issued -88,890 -45,722 -94.4%
Proceeds From Payments To Minority Shareholders -43,000 -11,449 -275.6%
Proceeds From Issuance Of Common Stock 2,910,571 1,558,316 +86.8%
Tax Withholding for Share Compensation -14,177 -6,157 -130.3%
Payments Of Dividends -1,882,237 -1,493,680 -26.0%
Net Cash from Financing 27,219,634 11,750,050 +131.7%
Supplemental
Proceeds From Interest Received 4,302,067 3,782,985 +13.7%
Interest Paid Excluding Interest Paid On Interest Rate Swaps 3,445,916 3,831,509 -10.1%
Interest Paid Net Interest Rate Derivative 1,129,717 1,649,965 -31.5%
Proceeds From Payments For Taxes 1,200 -1,688 +171.1%
Income Taxes Paid 0.7 — —
Other Cash Flow
Net Change in Cash 549,811 75,879 +624.6%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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